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How are you supposed to budget for a home renovation?
In this episode Coach Jill walks you through how to assess whether a home project is worth the investment and if you decide to move forward, what are some of your options for deciding how to pay for the project. There are so many options out there – from paying cash to credit to HELOC’s to loans. Let’s talk about what option makes the most sense for YOU when deciding to move forward with a home improvement or renovation project.
Questions answered in this episode:
- How do you determine whether a home improvement project is “worth it”?
- How do you decide the best financing option based on the size of the project?
- When’s the best time to use a HELOC vs. home equity loan?
- What we recommend for anyone considering home improvement projects this year
Additional tips and strategies:
- Do your research! Spend time in the researching phase before you move into action. Doing this research and weighing your options will help you to save money in the long run and help you feel confident in your decision to budget for your home renovation.
- Get at least 3 quotes for from contractors for your home improvement projects
- Consult a financial coach to help you figure out all of the moving pieces and things to consider!
- Start saving now, even if you don’t have a project in mind yet. One of the certainties of home ownership is that home repairs and improvements WILL come and you want to be ready for them when they do.
- New Home? New Budget
- The Fiscal Fitness Podcast Episode 81: All About Mortgages with Jeff Quincey
- Do you want to become a financial coach? Learn more about how to start your own financial coaching business with The Financial Coach Academy